Current Economic Situation of India: Impact of COVID-19
The outbreak of the COVID-19 pandemic has greatly impacted the Indian Economy. The economy was already in a parlous state before COVID-19 struck. The prolonged lockdown in India will have a sizeable impact on the economy mainly on consumption which is the biggest component of GDP. The magnitude of the economic impact will depend upon the duration and severity of the health crisis, the duration of the lockdown and the manner in which the situation unfolds once the lockdown is lifted. In this paper we will discuss the impact of COVID-19 on various sector economy such as Tourism, Micro, Small and Medium Enterprises: Education and analyze the situation by using some indicators like the GDP growth rate, unemployment rate, Industrial Production, household income etc. This work mainly focuses on the situation in India pre-crises and during the crises to help understand the downturns and challenges faced by Indian Economy.
Keywords:COVID-19, Indian Economy, Unemployment
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